Family vacations offer the chance to create lifelong memories. Children learn about the world through travel and adults receive a much-deserved break. Yet so many families do not take vacations due to the expense.
Creativity and smart strategies allow families to save up for a big vacation without breaking the bank. Some prefer a family side-hustle, while other families prefer to find creative ways to save money to fund their family vacation, like a fancy dinner cruise.
Family vacations are typically among the most treasured childhood memories, according to researchers from Texas A&M University (Department of Recreation, Park & Tourism Sciences). Yet fewer Americans take family vacations due to financial pressures and difficulty taking time off from work. These three strategies help overcome the biggest obstacle to taking that big family vacation.
Strategy 1: Save More Money
The first strategy is to find ways to save more money. Since you are saving for a family vacation, consider involving the whole family. Family vacations, specially wine tours provide quality time, the process of saving money can also result in your family spending more time together.
Tips On How To Save Money For Your Family Vacation:
- Open a separate vacation savings account so you and your family can watch the savings grow. Children and teens may even start to view saving as a fun game. Look for a free savings account with a decent rate of interest.
- Look at areas where you can save money in your budget. Get the whole family involved. For example, some families find they save money on entertainment by having a family game night rather than going to the movies once a month. Some discover they save thousands of dollars a year by using the public library to borrow ebooks, games, books and DVD rentals.
- Many families find ways to save on food and personal care items. Coupon clipping, use of savings apps and meal planning strategies result in smaller grocery bills and improved health for the family. Planning meals as a family also provides an opportunity to learn about healthy nutrition.
- Explore rebate and cash back apps to save additional money on the purchases you already make. Be sure to place those savings in your vacation savings account.
- If you use a credit card, shop around for one that offers travel related rewards.
Strategy 2: Make More Money
There are three ways to save for a vacation, we explored ideas on how to save money. Another strategy is to increase income and use that extra income for your family vacation.
With some creativity, you may even come up with ways to earn extra money as a family. One benefit is that you spend more time together and learn about entrepreneurship together.
How To Earn More Money For Your Family Vacation:
- Sell unused or unwanted items through Craigslist, eBay, Facebook groups or apps. This method offers added benefits of decluttering your home.
- If you are a people-person, direct sales empowers you to run your own business in your spare time. Choose a product or brand you believe in, for example, join Amway if you love the product range.
- Consider other side gig opportunities like renting a room through Airbnb or other vacation rental booking sites.
- If your family is crafty, consider making unique items and selling them at craft fairs or through commerce sites like Etsy.
- Consider asking for a raise if you are due for one, put the extra earnings in your vacation savings account.
Strategy 3: Plan To Save During Your Vacation
Finally, the third strategy is to plan to spend less during the vacation. You won’t need to save or earn as much if your vacations costs are low. There are simple ways to save while you vacation, you can take tours that don’t empty out your wallet like these whale watching tours.
Tips For Saving During Your Family Vacation:
- The time of year makes a big difference. When possible choose non-peak times to potentially save thousands on your vacation.
- Browse discount retailers like Groupon and LivingSocial for deep discounts on your family vacation.
- Plan to eat out only once a day on vacation. Choose an accommodation that includes a kitchen or refrigerator. Then go to a local grocery store and stock up on simple breakfast or lunch items.
Families can enjoy quality time together at home and during their big family vacation by using these three strategies. Work together as a team to save for your next big family vacation.